In August 2019, Genworth Financial, Inc.
(Genworth) announced that it had agreed to sell
its approximate 57% shareholding in Canadian subsidiary Genworth MI
Canada Inc. (Genworth Canada) to Canadian
headquartered Brookfield Business Partners L.P.
(Brookfield) for approximately C$2.4 billion.
Genworth Canada, through one of its subsidiaries, is Canada's
largest private-sector residential mortgage insurer. The deal is
expected to close before the end of 2019.
One of the more interesting aspects of the announced deal is the
reason that Genworth decided to divest of what its CEO had referred
to as "one of [Genworth's] top performing
businesses".
In October 2016, China Oceanwide Holdings Group Co., Ltd.
(Oceanwide), a company incorporated in the
People's Republic of China, agreed to acquire Genworth. As a
result, Oceanwide was required to obtain Canadian regulatory
approval of its indirect acquisition of control of Genworth Canada
and, in considering whether to grant
